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A social app that took viewers to shows, presidential debates is ending

There will be one less venue for hanging out with friends in virtual reality.

Samsung's Gear VR is one of the headsets that worked with AltspaceVR, which is shutting down. 
Nate Ralph/CNET

A social network that focused on letting people hang out in virtual reality is powering off of headsets next month.

AltspaceVR, which has previously broadcast hosted events like presidential debates and concerts, has announced that it's shutting down on August 3 due to financial difficulties.

"It looked like we had a deal for our next round of funding, and it fell through," the company said in a blog post Friday. "Some combination of this deal falling through and the general slowness of VR market growth made most of our investors reluctant to fund us further."

AltspaceVR's service was compatible with all most major virtual-reality headset makers, including Facebook's Oculus headset, HTC's Vive, Samsung's Gear VR and Google's Daydream platform. The company touted an active community of 35,000 people using their product in the post, with the average user spending 35 minutes of time on the experiences inside of it.

While the service is ending, the company isn't going away. The company's CEO, Eric Romo, and its other founders are exploring new opportunities for the AltspaceVR team, a representative told CNET.

Regardless, AltspaceVR does plan to go out with a bang -- it's hosting a farewell party inside of the network before turning off the lights at 7 p.m. PT.